UBS completes merger with Credit Suisse’s Swiss unit

Swiss bank UBS announced on Monday the completion of its merger with Credit Suisse’s domestic operations.

The integration sees UBS Switzerland AG absorbing all rights and obligations of Credit Suisse (Schweiz) AG, facilitating the transition of clients and operations to UBS’s platform, with the majority of client transactions set to migrate by 2025.

Following the merger, Credit Suisse Switzerland’s CEO, Andre Helfenstein, will depart from the bank. Sabine Keller-Busse, President of UBS Switzerland, emphasised that this merger marks a significant milestone in the ongoing integration process post-takeover.

The merger has sparked considerable debate in Switzerland regarding the increased market dominance of UBS, especially in the Swiss loan and debt markets.

Despite these concerns, Switzerland’s financial regulator has concluded that the merger does not pose competition issues, dismissing recommendations for further investigation by the country’s antitrust watchdog.

Attribution: Reuters.